Interesting that I just saw some info from the Social Security Administration that they are temporarily rolling back the requirement to use OTP to access account. It was only sent via SMS.
Quote from an email:
However, multifactor authentication inconvenienced or restricted access to some of our account holders. We’re listening to your concerns and are responding by temporarily rolling back this mandate
I think I already mentioned up-thread, but when my credit union went to OTP, it caused big problems for me as they only had SMS option. With multiple phone numbers and SIM cards, it wasn't acceptable to me. After much escalation, I finally got them to activate the option to have the OTP sent via email.
Balance between convenience and security.